Today, the U.S. Census Bureau released new statistics in its Vintage 2022 Population Estimates that show the nation’s median age increased by 0.2 years to a record 38.9 years between … more U.S. Median Age Hits Record High
Industry News & Reference
FHA Publishes Documents In New Languages
The Federal Housing Administration published more than 30 single-family mortgage documents and related resources used in the origination of FHA-insured mortgages, including HECMs, in Chinese, Korean, Spanish, Tagalog, and Vietnamese. … more FHA Publishes Documents In New Languages
New CO Law Protects Borrowers Impacted By Disasters
Colorado Governor Jared Polis signed legislation (House Bill 1266) into law on June 7 that provides new protections for reverse mortgage borrowers who have to vacate their properties … more New CO Law Protects Borrowers Impacted By Disasters
U.S. Older Population Grew at Fastest Rate in 130 Years
The U.S. Census Bureau released new statistics from the last census taken in 2020 that revealed the U.S. population 65+ grew nearly five times faster than the total population between … more U.S. Older Population Grew at Fastest Rate in 130 Years
Ginnie Mae Issues LIBOR Transition Guidance
Ginnie Mae published guidance for issuers on the transition of all outstanding HECM Mortgage-Backed Securities tied to the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing … more Ginnie Mae Issues LIBOR Transition Guidance
Federal Reserve Issues Economic Well-Being Report
The Federal Reserve Board issued its Economic Well-Being of U.S. Households in 2022 report, which examines the financial lives of U.S. adults and their families. The report draws from the … more Federal Reserve Issues Economic Well-Being Report
Quinnipiac Poll Examines Financial Worries and Raising Retirement Age
In a recent Quinnipiac University national poll of adults, food costs ranked as the most pressing financial worry, with 22 percent of Americans naming it as their biggest personal financial … more Quinnipiac Poll Examines Financial Worries and Raising Retirement Age
Pew: Americans’ Lack of Retirement Savings Could Cost Governments $1.3T
As Americans with insufficient retirement savings leave the workforce over the next 20 years, they will severely strain state and federal budgets, resulting in increased public assistance costs, … more Pew: Americans’ Lack of Retirement Savings Could Cost Governments $1.3T
FHA Finalizes Policies to Expedite HECM Assignments
The Federal Housing Administration published Mortgagee Letter 2023-10 to allow for faster payment of funds to mortgagees when they assign a Home Equity Conversion Mortgage to HUD. Effective immediately, ML 2023-10: … more FHA Finalizes Policies to Expedite HECM Assignments
Financial Assessment Is Working (Part VII)
Financial Assessment is still working. Now in its ninth year, FHA’s policy of requiring the financial assessment (FA) of borrowers’ ability to pay has helped cut tax and … more Financial Assessment Is Working (Part VII)
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